Taking a few minutes to engage with your super this summer could deliver a lifetime of benefits, the Super Members Council (SMC) says.
New research reveals while 8 out of 10 Australians say super will be critical to their retirement, super isn’t front of mind with less than one in two people checking their super more than once a year1.
“Australians understand how important super will be to their future – giving them more opportunity and choice to live the life they want in retirement,” SMC Deputy CEO Georgia Brumby said.
“But the more you know about super, and the more engaged you are with your super, the better you can make super work for you.”
“This summer we’re calling on all Australians to get engaged with their super. It usually only takes a few minutes - but the benefits can last a lifetime.”
A Pyxis Survey of 1030 people have found that those who engage with their super are happy with the results2.
- Australians’ satisfaction with their super fund’s performance is highest amongst those who say they understand super – with 57 per cent saying they are in a good performing fund.
- Nearly 90 per cent of Australians with a good understanding of super say it makes them feel more confident about their finances – compared to 60 per cent of those who say they have an average or below average understanding of how super works.
Those who regularly monitor their super and know their approximate balance are more likely to say they are in an excellent or above average fund than those who don’t.
There are some simple steps members can take over the summer months to ensure they are getting the maximum benefit from super:
- Make sure you are being paid all your legal entitlements; Unpaid superannuation impacts one in four workers a year – costing them a total of $5 billion. Check with your super fund either via an app or contacting them directly to make sure you are being correctly paid.
- Consolidate your super funds into one account; finding lost or unpaid super is now simple using the Australian Tax Office tools.
- Make sure you are with a top performing super fund; Investment returns after fees are the most important metric in measuring performance. The ATO has a useful comparison tool for MySuper products.
- If financially able to, consider making extra contributions to super; A 30-year-old on average wages that salary sacrifices $20 a week into super has $67,000 more at retirement and gets a tax saving now.
To further lift engagement with super, the Super Members Council has launched a public awareness initiative, ‘How Super Works’ to help Australians understand the powerful benefits of super.
Featuring everyday Australians having conversations about super, the initiative delivers accessible messages, facts and data about super and how it works. To find out how super works for you visit: howsuperworks.com
Footnotes
- October Pyxis Polling and Insights survey of 3067 Australian citizens and permanent residents for the Super Members Council
- July Pyxis Polling and Insights survey of 1030 Australian citizens and permanent residents for the Super Members Council
Contact details:
James Dowling: 0429 437 851, jdowling@smcaustralia.com